Bitcoin price consolidates above $29,500. BTC could start a decent increase if it clears the $30,200 resistance zone in the near term.
- Bitcoin is struggling to gain bullish momentum from the USD 29,500 level.
- The price is trading below $30,100 and the 100 simple hourly moving average.
- A major bearish trendline is forming with resistance near USD 30,020 on the BTC/USD pair hourly chart (Kraken data feed).
- The pair could start a steady rise if there is a close above the USD 30,200 resistance.
Bitcoin price holds support
Bitcoin price held up well above the $29,500 level. BTC formed a support base and recently corrected higher by several points. There was a small increase above the $29,850 resistance zone.
The price climbed above the 50% Fib retracement level of the key drop from the $30,447 swing high to the $29,500 low. However, the bears are still operating near the $30,050 level. A major bearish trendline is also forming with resistance near USD 30,020 on the hourly chart of the BTC/USD pair.
Bitcoin is now trading below $30,100 and the 100 simple hourly moving average. Immediate resistance is located near the trendline zone. The first major resistance is near the USD 30,085 level. It is close to the 61.8% Fib retracement level of the key drop from the $30,447 swing high to the $29,500 low.
Source: BTCUSD at TradingView.com
The next major resistance is near $30,450. A close above the $30,450 level could trigger another rise. In the said case, the price could rise towards the $30,850 level. More gains could open the door for a move into the $31,200 resistance zone.
Lose more in BTC?
If Bitcoin fails to clear the $30,085 resistance, it could fall further. Immediate support on the downside is near the $29,800 level.
The next major support is near the $29,500 level, below which the price could continue falling. In the said case, the price might decline towards the $29,200 support zone. Any more losses could send the price towards the $28,400 level in the near term.
Technical indicators:
Hourly MACD – The MACD is now losing pace in the bearish zone.
Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now above the 50 level.
Major Support Levels – $29,650 followed by $29,500.
Major resistance levels – $30,085, $30,450 and $31,200.
